1987 ISDA Interest Rate and Currency Exchange Agreement
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12 in a Nutshell™
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Original text
12 Notices
12(a) Effectiveness. Any notice or communication in respect of this Agreement will be sufficiently given to a party if in writing and delivered in person, sent by certified or registered mail (airmail, if overseas) or the equivalent (with return receipt requested) or by overnight courier or given by telex (with answerback received) at the address or telex number specified in Part 4 of the Schedule. A notice or communication will be effective:-
- 12(a)(i) if delivered by hand or sent by overnight courier, on the day it is delivered (or if that day is not a day on which commercial banks are open for business in the city specified in the address for notice provided by the recipient (a “Local Banking Day”), or if delivered after the close of business on a Local Banking Day, on the first following day that is a Local Banking Day);
- 12(a)(ii) if sent by telex, on the day the recipient's answerback is received (or if that day is not a Local Banking Day, or if after the close of business on a Local Banking Day, on the first following day that is a Local Banking Day); or
- 12(a)(iii) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), three Local Banking Days after despatch if the recipient's address for notice is in the same country as the place of despatch and otherwise seven Local Banking Days after despatch.
12(b) Change of Addresses. Either party may by notice to the other change the address or telex number at which notices or communications are to be given to it.
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Comparisons
The major change between the versions of Section 12 (Notices) was the 2002 ISDA’s inclusion of e-mail as a means of communication in addition to the 1992 ISDA’s electronic messaging system. Also, fax and electronic messaging system are not permitted means of serving close-out communications (i.e., under Sections 5 and 6) under the 1992 ISDA, but fax is permitted under the 2002 ISDA, whereas electronic messaging system and email are not. Got all that?
Basics
Who would have thought a Notices provision would be so controversial? The 1987 ISDA by and large misses all the excitement in later editions of the ISDA Master Agreement caused by no one really understanding what was meant by “electronic messages”, “electronic messaging systems” and “e-mail”, because in the eighties David Bowie was still writing concept albums about glass spiders and they hadn’t invented email.[1]
Oh, and another thing: who seriously has a telex in this day and age?
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See also
References
- ↑ Okay well computer nerd at the ARPANET may have, but not people at banks.